Home India Ministry of Finance The Central Board of Excise and Customs, being satisfied tha...
Date: 2015-05-15 Category: Extra Ordinary State: Union Government Country: India

The Central Board of Excise and Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Govt. of India in the Ministry of Finance (Department of Revenue), No. 36-2001-Customs (N.T.), dated the 3rd August, 2001.

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

Executive Summary: This notification from the Central Board of Excise and Customs amends Notification No. 362001-Customs (N.T.), dated August 3, 2001, regarding tariff values. The amendment, effective May 15, 2015, substitutes new tables for TABLE 1, TABLE 2, and TABLE 3, listing revised tariff values for various goods. This is issued under Section 14(2) of the Customs Act, 1962. Key Points / Main Content: Revised Tariff Values: * TABLE 1: Specifies tariff values per metric ton for various palm oil and soya bean oil types, brass scrap, and poppy seeds. * Examples include Crude Palm Oil (US$650), RBD Palm Oil (US$670), and Brass Scrap (US$3548). * TABLE 2: Specifies tariff values for gold and silver, based on benefit of entries availed under Notification No. 12/2012-Customs dated 17.03.2012. * Gold tariff value is US$398 per 10 grams. * Silver tariff value is US$567 per kilogram. * TABLE 3: Specifies the tariff value for Areca nuts at US$2264 per metric ton. Impact Analysis: Stakeholders Involved in Import/Export: Impact: Importers and exporters of the specified goods (palm oil, soya bean oil, brass scrap, poppy seeds, gold, silver, and areca nuts) will be directly affected by the revised tariff values. Action Required: Stakeholders need to take note of the revised tariff values for customs purposes and adjust their financial calculations accordingly.

Key Entities Referenced

Customs Act, 1962: An act of the Parliament of India to consolidate and amend the law relating to customs. Central Board of Excise and Customs: A government agency responsible for the administration of indirect taxes in India. Ministry of Finance: A ministry in the Government of India responsible for the country's finances. Department of Revenue: A department within the Ministry of Finance responsible for tax collection. New Delhi: The capital of India, where the notification was issued. Satyajit Mohanty: Director, ICD Crude Palm Oil: A type of palm oil whose tariff value is described in the document. Notification No. 12/2012-Customs: A customs notification related to entries at serial number 321, 323, 322 and 324
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T.) S.O. 1303(E).—In exercise of the powers conferred by sub-section (2) of Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:— In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted namely:— “TABLE-1 Sl. Chapter/ heading/ sub- Tariff value US $ Description of goods No. heading/tariff item (Per Metric Tonne) (1) (2) (3) (4) 1 1511 10 00 Crude Palm Oil 650 2 1511 90 10 RBD Palm Oil 670 3 1511 90 90 Others – Palm Oil 660 4 1511 10 00 Crude Palmolein 676 5 1511 90 20 RBD Palmolein 679 6 1511 90 90 Others – Palmolein 678 7 1507 10 00 Crude Soya bean Oil 758 8 7404 00 22 Brass Scrap (all grades) 3548 9 1207 91 00 Poppy seeds 2602 TABLE-2 Sl. Chapter/ heading/ sub- Description of goods Tariff value No. heading/tariff item (US $) (1) (2) (3) (4) 1 Gold, in any form, in respect of which the benefit of entries at serial number 321 and 323 of the 71 or 98 398 per 10 grams Notification No. 12/2012-Customs dated 17.03.2012 is availed 2 Silver, in any form, in respect of which the benefit of entries at serial number 322 and 324 of the 71 or 98 567 per kilogram Notification No. 12/2012-Customs dated 17.03.2012 is availed TABLE-3 Sl. Chapter/ heading/ sub- Description of goods Tariff value No. heading/tariff item (US $ Per Metric Tons ) (1) (2) (3) (4) 1 080280 Areca nuts 2264” [F. No. 467/01/2015 -Cus-V ] SATYAJIT MOHANTY, Director (ICD) Note:—The principal notification was published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide Notification No. 36/2001–Customs (N.T.), dated the 3rd August, 2001, vide number S.O. 748 (E), dated the 3rd August, 2001 and was last amended vide Notification No. 42/2015-Customs (N.T.), dated the 30th April, 2015, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 1145(E), dated the 30th April, 2015. Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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